Morgan Stanley Cashback Card

DilbertJones

In the T's & C's of this card Cashback is payable at 1% for the first 2k, 0.5% thereafter up to your credit limit.

Does this mean any annual spending i do over my £2800 credit limit, means i won't earn any interest?

I am obviously going to pay off the balance in full everymonth so annually I will never go near my limit.

[Deleted User]

NO - it does not mean that, although I admit the wording is misleading. I have an MS card, and I receive the 0.5% on all my expenditure. I think what they're trying to say, is that you must stay within your credit limit.

DilbertJones

thats good then, it would be a silly rule in my mind

HGLTsuperstar

No, you can spend to infinity over the year, as lnog as you have the credit available i.e. in one month say you spend 2.5K so have £300 credit left, you then pay in full, you then have the full 2.8K credit left.
Also note that for the first 3 months, the cashback rate is double so try and spend over 2K over the 1st 3 months: you then get the max 2% on 2K, and 1% on everything thereafter. If you're only after the cashback, when it drops to 0.5% after 3 months, its not worth using it (better rates elsewhere) but don't cancel the card until you've got your 1yr cashback cheque (cancel before and they wony pay you anything). Best to call them to reduce credit limit to minimum £500, so helps your credit rating when applying elsewhere.

grumbler

robodan wrote:

In the T's & C's of this card Cashback is payable at 1% for the first 2k, 0.5% thereafter up to your credit limit....

Where have you found this? View Terms and Conditions :

Cashback BonusTM award Programme Rules
....
3.We will calculate your Cashback Bonus award each year on all Purchases during the year (excluding any Purchases for which you have been given a refund). The award will be 1% of the first £2,000 of any Purchases and/or part of a Purchase on the Account in a Year plus 0.5% of the remaining Purchases and/or part of a Purchase on the Account for that Year.
4.When we work out the Cashback Bonus award under Rules 2 and 3:
......

• we may not give you a Cashback Bonus award in relation to any Purchase or part of a Purchase in any particular statement month where the total amount of Purchases and/or part of a Purchase already made (less the amount of any refunds) on the Account during that statement month exceeded the amount of the Credit Limit at the time of that Purchase.

DilbertJones

it was something i read on the leaflet they gave me, i will have to dig it out again.

grumbler

robodan wrote:

it was something i read on the leaflet ...

Then don't call it 'T&C' ...:D

DilbertJones

grumbler wrote:

Then don't call it 'T&C' ...:D

Shouldnt you be called Grumpy not Grumbler

DilbertJones

HGLTsuperstar wrote:

No, you can spend to infinity over the year, as lnog as you have the credit available i.e. in one month say you spend 2.5K so have £300 credit left, you then pay in full, you then have the full 2.8K credit left.
Also note that for the first 3 months, the cashback rate is double so try and spend over 2K over the 1st 3 months: you then get the max 2% on 2K, and 1% on everything thereafter. If you're only after the cashback, when it drops to 0.5% after 3 months, its not worth using it (better rates elsewhere) but don't cancel the card until you've got your 1yr cashback cheque (cancel before and they wony pay you anything). Best to call them to reduce credit limit to minimum £500, so helps your credit rating when applying elsewhere.

Good idea, i dont think i will be able to spend 2k in 3 months, but u never know!!! but i take it it is still worth changing cashback cards when i reach that 2k roof then?

Which one is the best currently?

[Deleted User]

robodan wrote:

Good idea, i dont think i will be able to spend 2k in 3 months, but u never know!!! but i take it it is still worth changing cashback cards when i reach that 2k roof then?

Which one is the best currently?

I believe the Amex Blue gives a better cash back rate. But I have never been keen on Amex. I haven't even applied for the Amex Nectar.

[Deleted User]

robodan wrote:

thats good then, it would be a silly rule in my mind

Who ever said that banks don't set up silly rules? I'm sure a lot of people on this site can come up with a few suggestion!! Any takers anyone for the silliest rule a bank or any organisation has come up with. Perhaps it would be best to start a new thread.